Navidea Biopharmaceuticals (NAVB+4.7%) perks up on the news that it has inked an asset purchase agreement with Cardinal Health (CAH+0.5%) selling Lymphoseek (technetium Tc 99m tilmanocept).

Under the terms of the deal, Navidea will receive $80M at closing and up to $230M in milestones through 2026, with $20.1M guaranteed over the next three years. Also, Cardinal will license a portion of the intellectual property back to Navidea to allow it to develop and market new immunodiagnostic and immunotherapeutic products in North America while continuing to produce and market Lymphoseek ex-North America under a different brand name.

Goldberg will vacate his role as chairman of the board, but retain his board seat. The company's named Dr. Eric Rowinsky as its new chairman.

Goldberg has been on the board since November 2013 and had served as interim CEO for several months in 2014. He was previously chairman and CEO at Emisphere Technologies.

Rowinsky has been on Navidea's board since July 2010, and is currently executive chairman and president at Rgenix.

"At this important transition point for the Company, we will benefit greatly from [Goldberg's] expertise as we drive the development of our Manocept clinical immunodiagnostic and immunotherapeutic programs to deliver targeted products to improve patient outcomes," Rowinsky says.

Navidea Biopharmaceuticals (NAVB-0.7%) announces that it will receive payments totaling $1M from two recently achieved Lymphoseek commercial milestones under its distribution agreements with U.S. partner Cardinal Health (Cardinal) and European partner SpePharm AG, an affiliate of Norgine B.V. (Norgine). Navidea will collect a $0.5M milestone payment from Cardinal based on the sale of a 100,000th patient dose of Lymphoseek (technetium Tc 99m tilmanocept) injection since launch.

The Company will also receive a $0.5M payment from Norgine resulting from the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) positive opinion for the Lymphoseek 50 microgram kit for radiopharmaceutical preparation, a reduced-mass, single-dose vial appropriate for the radiopharmaceutical distribution model in Europe.

Lymphoseek is approved in the U.S. by the FDA and is indicated in the EU for imaging and intraoperative detection of sentinel lymph nodes draining a primary tumor in adult patients with breast cancer, melanoma, or localized squamous cell carcinoma of the oral cavity.

Nano cap Navidea Biopharmaceuticals (NYSEMKT:NAVB) is up 80% premarket on robust volume in response to its announcement that it has inked a Letter of Intent with Cardinal Health (NYSE:CAH) for the North American rights to Lymphoseek for all oncology diagnostic indications.

Under the terms of the pending transaction, Navidea will receive $80M at closing and up to $230M in sales-based milestones.

Cardinal will license a portion of the acquired intellectual property back to Navidea to allow it to develop new products that do not compete with the current Lymphoseek product and to continue to commercialize Lymphoseek outside of North America.

Lymphoseek is designed for the precise identification of lymph nodes that drain from a primary tumor. These have the highest probability of harboring cancer cells.

Update: The company will host a conference call on Wednesday, September 7 at 8:30 am ET to discuss the deal.

Nano cap Navidea Biopharmaceuticals (NAVB-8.1%) eases on average volume in response to its disclosure that a Texas district court has granted Capital Royalty Partners II L.P.'s (and others; collectively: CRG) request for temporary injunction against the company seeking to restrain it from operating or using new financial accounts without first signing requisite blocked account control and pledge collateral account control agreements with CRG. The ruling stipulates that Navidea has 21 days from August 30 to ink the contracts.

The dispute arose in May when CRG notified the company that it was in default on its contract and CRG was entitled to certain remedies (i.e., seizing cash collateral).

In a regulatory filing, Navidea Biopharmaceuticals (NYSEMKT:NAVB) discloses that it recently lost its request for temporary injunctive relief against financier Capital Royalty Partners II. L.P., (CRP) the secured party in a May 8, 2015 loan agreement, aiming to prevent it from seizing its accounts.

Early last month, CRP notified the company that it was in default of its contract and CRP was entitled to certain remedies. Later in April, pursuant to their blocked account control and pledge collateral control agreements, it commenced exercising its remedies which included seizing cash collateral. On May 2, Navidea sought a temporary restraining order in a Texas court which was denied today subsequent to a May 19 hearing.

The company disputes that it is in default and intends to vigorously defend itself. It has set up alternative banking arrangements so it can continue operating while it tries to obtain new financing. Yesterday, it announced that it had received an unsolicited offer from an institutional investor to refinance its entire CRG loan facility under similar terms, which the investor believes can be consummated within 120 days. Meanwhile, Navidea will continue its discussions with several banks as it seeks to streamline its capital structure.

In a regulatory filing, Navidea Biopharmaceuticals (NYSEMKT:NAVB) discloses that its accounting firm, BDO USA, LLP resigned on May 3, apparently surprising management considering BDO provided no reason for its departure and the absence of a recommendation or approval from the board. According to the company, there were no disputes or adverse opinions that could have contributed to BDO's exit.

Investors should pay close attention here. The resignation of an accounting firm almost always portends bad news.

Navidea Biopharmaceuticals (NYSEMKT:NAVB) appointed Jed Latkin as interim Chief Operating Officer effective April 20. He joined the firm from Nagel Avenue Capital, LLC, where he was a portfolio manager.